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Electronic Payment Software

Every company is looking to reduce costs. Yours is no different. Electronic bill payment offers a great opportunity to lower costs related to payment processing, while improving your cash management. In this article you’ll find out about which types of software allow for electronic payments, differences between software and bank bill payment, the impact electronic bill payment can have on your bottom line, and more.

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The companies and representatives you sent our way were prompt and thorough… I definitely would recommend your company as a means to exploring options with qualified providers. — Bruce Conley
Your service saved me some very valuable time and hooked me up with some excellent resources. Thanks for providing this top-notch service. — Linda Vittori
Thanks! Having a service like this to help navigate the ocean of accounting software and help identify potential good-fits without having to delve through numerous bad-fits is of tremendous value! — Mark Carpenter

Automate accounts payable

More and more companies are moving away from writing checks to pay their invoices. Why? Companies want a streamlined solution that will allow them to easily send money to vendors and suppliers. The days of writing out a check, stuffing an envelope, popping it in the mail, and waiting for the check to clear are becoming a thing of the past.

The simple fact is snags in the processing of payments are a drag on your company’s financial effectiveness. Delays in the processing of payments create uncertainty in understanding cash flow positions, opportunities for errors or lost checks, and even an increased chance of late fee penalties.

Electronic payment processing software allows you to pay vendors quickly, cut costs and improve your cash management and financial control.

Different ways to pay your vendors electronically

There are a few different ways to make payments electronically. Some smaller businesses rely on their financial institutions’ online bill pay system to set up payment transactions. With this method, you can plan one-time or automatic payments. This bill pay system relies on the financial institution to process the payment electronically or to send a check on your behalf. Triggering individual payments through your bank is a step in the right direction. It offers an automation benefit in terms of reducing the time it takes to pay your vendor. It also helps create cost savings related to reducing or eliminating check writing costs.

Arranging bank draws with vendors takes the automation a step further, but surrenders a measure of control. With this approach, you provide your business account number to the vendor. Through an EFT (electronic funds transfer) transaction they draw the specified dollar amount from your account on the agreed upon date. ACH (Automatic Clearing House) is a specific kind of EFT that utilizes the Automatic Clearing House network of financial institutions and EFT standards.

More and more accounting solutions are getting on board with electronic transactions. Software based systems offer the strongest level of control. They also help you streamline your bookkeeping processes and improve your ability to accurately understand your real time financial position. Some of the more sophisticated systems even allow you to scan in an invoice from your vendor, route that invoice to the appropriate manager for approval, and then pay that invoice from your accounting software through the click of a button.

Accounting software versus bank based bill pay

Why should you be looking at software options rather than banking based ones? The reality is that initiating bill payments directly through bank accounts has a couple of major disadvantages.

Bank based bill pay requires additional work to capture bill payment detail in your AP ledger. Duplicating the bill payment process (paying initially via the bank and then recording the transaction in your software) has a number of drawbacks. First, it’s a security and fraud risk. Secondly, it introduces time delays between the time the payment is initiated and when it is recorded in your accounting. Access to real-time data is one of the major advantages of electronic payment processing—so losing this benefit is a problem. Electronic bill payment should be convenient. Having to first initiate the payment within the bank software and then record transaction details into your software is simply a more cumbersome way to approach the process.

So, what are your software options if you are looking for a software based electronic bill pay solution? Typically, electronic payment capabilities are part of your accounts payable module which is part of your accounting system. Moving to electronic payments might even be one of the drivers motivating your desire to switch accounting or ERP systems. In some circumstances, it may make sense to have a specialized AP ledger with electronic bill pay capabilities connected to your ERP or accounting system. Generally, it’s a module or feature you’ll look for as part of an integrated system though.

Save costs

Why purchase electronic payments software? Well, the major reason for switching is to save costs. Let’s take a closer look at some of the savings opportunities in more detail:

  • Save costs related to material costs including postage, checks, envelopes, and printing
  • Save costs related to paying people for less efficient processes
  • Obtain early payment discounts from vendors
  • Cut costs related to banking charges including (positive pay/payee match)
  • Reduce fraud
  • Avoid making late payments

Cash management advantages

Another important reason many companies are using electronic bill payment is to improve their cash management. We’ve mentioned the term cash management already, so what exactly do we mean by it? What we are referring to is simply your company’s ability to ensure maximum financial visibility, allowing for proper planning of cash resources. Simply ensuring your money is in the most advantageous position is a major opportunity for savings.

With electronic bill payment, instead of tying up your funds and guessing what is outstanding and waiting to clear the bank, you can have nearly real time insight into your finances and cash flow. Additionally, planning your payments with precision, means the opportunity to keep funds in interest earning positions.

How does it work?

Basically, electronic payments software provides a software-based front-end as either a part of your AP software or an integrated add-on solution.

Here are the steps for utilizing electronic payments in most software systems:

  1. Initialize the system with your financial institution account information.
  2. Add vendor data as required.
  3. Initiate any authorizations for pull-type payments where authorized providers initiate the payment transaction.
  4. Initiate any authorizations for push-type payments where you trigger payments to providers.

Is it for our company?

There are electronic payment processing software options for all companies of all sizes. There are even options for companies that are looking to leverage different existing technologies. So, which one is right for you? Let our team gather a bit more information and save you some time by searching for the best electronic payments processing options for your particular business needs. Get started today!

Popular Electronic Payment Software Products

Looking for great electronic payment software options? Below you can check out a list of the products most commonly considered by others searching for electronic payment software. The list on this page is based on many years of real software matches. But everyone’s needs are different. Browse for fits with your specific requirements or let us help you identify your top options.

Which software is right for you? Get quick and accurate recommendations.

What if you could simply tell someone about your software needs and they’d find your best choices? Look no further. We’ll listen to your needs and find your top software matches. That’s it. There’s no pressure, no cost.

The companies and representatives you sent our way were prompt and thorough… I definitely would recommend your company as a means to exploring options with qualified providers. — Bruce Conley
Your service saved me some very valuable time and hooked me up with some excellent resources. Thanks for providing this top-notch service. — Linda Vittori
Thanks! Having a service like this to help navigate the ocean of accounting software and help identify potential good-fits without having to delve through numerous bad-fits is of tremendous value! — Mark Carpenter
  • PaymentsGateway by ACH Direct

    PaymentsGateway is a modular web-based payment processing platform. This product allows you to automate the acceptance of payments and refunds; as well as automating the recurring billing and payment process. This product can be seamlessly...

  • CyberPay Online Phoenix by Adaptasoft

    CyberPay Online Phoenix is a single database payroll & HR application with integrated time keeping. Your clients can use it anywhere they have an internet connection. No installed software is required; it runs in a browser. A true, single...

  • Bill Payment Center by B2B SOFT

    B2B Soft's Bill Payment Center is an internet based solution that allows your customers or employees to make payments to you or vendors. The fact that this system is internet based means that you can make and receive payments at any time from any...

  • GP Check 21 by BGE

    GP Check 21 brings the benefits of 21st Century check processing to small and midsize businesses. It scans the checks, captures the images, allow users to apply check payments to Microsoft Dynamics GP Account Receivable, and SOP Transactions. GP...

  • EZ‑Positive Pay by Employee Based Systems

    EZ-Positive Pay is a software application that will help protect you from fraudulent charges. The system will electronically transmit a list of all issued check to your bank, thereby confirming their validity. Some of the key features of this...

  • Payments by Fundtech

    The payments business today is not without its challenges. Financial institutions face a number of significant hurdles including navigating new payment channels including mobile and internet; conducting multi-currency and multi-product payment...

  • GCFormer by Gaczi Consulting

    Overlay checks for Quickbooks and Timberline Office at print time. Supports 8 blank check paper styles Avoid voided checks and wasted paper Password and data encryption Prints deposit slips Supports multiple checking accounts and...

  • CAS ‑ Credit Card by Highland Lakes Software

    The Credit Card Feature Pack provides you with an additional database that is used for storing credit card information; this database may also be used to facilitate Electronic Funds Transfers. You are able to edit customer records to facilitate...

  • Payments Cloud by HighRadius

    Electronic Invoice Presentment and Payment HighRadius Electronic Invoice Presentment and Payment (EIPP) Cloud provides tools that automate and speed up invoice communication and facilitate a faster collection of payments, enabling a closer...

  • ISI Credit Card Authorization by Integrated Software

    Ideal for Telephone and Mail Order. Complete credit card processing from your workstation. Perform Sales, Pre/Post Authorizations (Book & Ship), Void, Returns, Address Verification, Purchase Card Level II, Single or Multi-Merchant accounts....

  • Maestro Sync by MaestroSoft

    MaestroSync will automate the processing of payments and create an accurate face and seamless interface between AuctionMaestro Pro and MaestroSoft qCheck. MaestroSync will automate the process of entering credit card numbers, their expiration...

  • qCheck by MaestroSoft

    qCheck allows you to enter credit card information and store it. Then you can easily process transactions without a credit card terminal, and record all transactions to Auction Maestro Pro. After your fund raising event you can then ship USB...

  • Credit Card Advantage by Nodus Technologies

    Credit Card Advantage is a powerful, flexible, and secure internet-based credit card processing solution that enables you to verify credit card payments over the web in real-time. This solution seamlessly integrates with Microsoft Dynamics GP, Small...

  • Ormed X Easy Pay by Ormed Information Systems

    Ormed X Easy pay allows buyers to automatically reconcile and pay electronic invoices via the Internet. Since Ormed X Easy Pay uses Scotiabank's Visa Commercial Card platform, merchants are paid immediately without impacting the buyers Cash Flow...

  • Paymo by Paymo

    Paymo is an online project management application that offers task management, time tracking and invoicing in one app. Paymo is best suited for agencies and small/medium businesses that want just one app to keep track of the entire life of a...

  • ACH e‑Check by Plug'n Pay Technologies

    ACH e-Check is a solutions/service that allows you to accept e-checks with your WebXpress Processing Gateway. This product is integrated which means you have one reporting...

  • PayPositive by Prelude Software

    Check Fraud Protection for Banks and their Clients PayPositive is a software solution for banks and businesses working together to detect check fraud. US businesses lose twelve billion dollars annually to check fraud. PayPositive helps stop...

  • PointPay by Prelude Software

    PointPay is a mobile payment solution. Designed for the insurance industry, PointPay allows adjusters and agents to close claims at the point of adjustment. This accelerates claim adjudication, keeping claim costs down and significantly improving...

  • CheckPlusEnterprise by Printech

    Available to handle the special payment needs of large organizations with multiple locations. A Client-Server solution that harnesses the sophisticated security features of Windows NT and Windows 2000 Server. Manages and directs the automatic...

  • CheckPlusFinancial by Printech

    Banks and Credit Unions can increase their revenue, reduce operating costs and enhance customer service with CheckPlus Financial for on-demand check printing and processing. Financial institutions can fulfill customer check orders on site offering...

  • uAccept by Processing Point

    Save Money Accepting Credit and Debit Cards without Sacrificing Performance RETAIL From credit card terminal to POS systems, uAccept powers the devices you use to accept electronic payments in face-to-face...

  • Credit Card Entry by Progressive System Solutions

    Enter Deposits going to AR, Cash Manager or GL and have a MICR deposit slip printed. All modules are then updated on release. Works with Deposit Slip Entry system to enter credit card receipts and track fees associated with them. *This is an...

  • QuickBooks ‑ Innovative Merchant Solutions by Innovative Merchant Solutions

    Innovative Merchant Solutions of San Diego works directly with ALL QuickBooks Products in processing credit card transactions. Our Credit Card solution is completed integrated with QuickBooks. Credit card data is automatically entered into your...

  • Sage Debit and Credit Card Processing by Sage

    Offering customers multiple non-cash options to pay for goods or services allows you to capture all possible sales as well as provide an added convenience that consumers today have come to expect. Having the ability to accept debit and credit card...

  • KashBox by Specialized Business Solutions

    KashBox is a unique and affordable PC-based alternative to traditional standalone credit card terminals. KashBox can be used to accept and manage most payment methods including cash, checks (verify or guarantee), all major credit cards, ATM/debit...

  • AvantGard Payments by SunGard Financial Systems

    AvantGard Trax Payment Factory is a highly adaptive solution able to integrate seamlessly with existing cash management and back-office infrastructures. AvantGard Trax Payment Factory is designed to address all of these critical areas of concern...

  • ACH Universal by Treasury Software

    ACH Universal allows you to easily create and transmit ACH transactions for collections from customers, payments to vendors, payroll to employees and consolidating funds between accounts in different banks. Files can be created and transmitted in...

  • Chargeback Management by Vistex, Inc.

    The Chargeback Management system will allow you to create chargeback claim requests and accrual. Real-time integration with SAP financials will enable this functionality. You will the be given the option to park a claim request for reconciliation...

Your Electronic Payment Software Recommendations

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